Ryan D Israelsen

 RESEARCH INTERESTS 

Information, Behavior, Public Finance, Real Estate Finance.

   ACTIVE WORKING PAPERS 

"AI Managed Household Portfolios: A Prelminary Report" (with Bruce Carlin and Christopher Wazzan) (April 2026)

"Withdrawn Trust: Partisan Banking after SVB" (with Tony Cookson, Will Mullins, and Marcus Painter) (October 2025)

• • Presented at:  Georgetown Conference on Politics in Finance

"Unauthorized Immigration and Local Government Finances" (with Jess Cornaggia and Kimberly Cornaggia) (January 2025)

• • Media Coverage: Noahpinion

  • To be presented at the Western Finance Association Meetings (2026)

  • Presented at: Conference on Financial Economics and Accounting, Conference on Municipal Bond Markets*, Melbourne University, Deakin University, Red Rock Finance Conference, Brookings Municipal Finance Conference*, FSU Truist Beach Conference*, UC Davis-FMA Napa Finance Conference*, Virtual Municipal Finance Workshop, Spring Labor and Finance Group Conference*, European University Institute, Michigan State University, University of Iowa, University of Sydney, University of Queensland, Wayne State University

"All in a Day’s Work: What Do We Learn from Analysts’ Bloomberg Usage?" (with Azi Ben-Rephael, Bruce Carlin, and Zhi Da) (February 2026)

• • Media Coverage: Economist, Financial Times

  • Presented at:  Conference on Financial Economics and Accounting*, Finance Conference at Chapman University*, Future of Financial Information Conference, Asian Bureau of Financial and Economic Research (ABFER) Conference*, Alliance Manchester Business School*, Boston College*, Brigham Young University, HEC Lausanne/EPFL*, Hong Kong PolyU*, Iowa State University*, Lancaster University*, MIT*, McMaster University*, Michigan State University, Nottingham University*, Oklahoma State University*, Peking University*, Renmin University*, Rutgers University*, Tsinghua University*, Washington State University*, Western University, York University*

"Hazy Outlook:  Wildfire Smoke Exposure and Analysts" (with John (Xuefeng) Jiang and Jing Kong) (March 2026)

• • Presented at the Conference on Financial Economics and Accounting*

"Government Spending and Local Demographics: Evidence from Moody's Municipal Ratings Recalibration" (with Jess Cornaggia, Matthew Gustafson and Zihan Ye) (August 2019)

• • Presented at: Midwest Finance Association Conference*, Eastern Finance Association Conference*,  Central Florida*, Penn State University*

PERMANENT WORKING PAPERS 

"Indirect Costs of the JOBS Act: Disclosures, Information Asymmetry and Post-IPO Liquidity" (with Sudip Gupta) (August 2014)

• • Presented at Indiana University

"Tell It like It Is: Disclosed Risks and Factor Portfolios" (October 2014)

• • Presented at the Financial Research Association annual meeting, Las Vegas (early ideas session), Indiana University

"Investment Based Valuation and Managerial Expectations" (previously entitled 'Investment Based Valuation') (November 2010 - download).

• • Presented at: Indiana University, Penn State, North Carolina, Houston, Notre Dame, Brigham Young University, Utah State University, Michigan State, Michigan

* indicates presentation by coauthor

  PUBLISHED/FORTHCOMING ARTICLES 

16. "Uncovering the Hidden Effort Problem"
with  Azi Ben-Rephael, Bruce Carlin, and Zhi Da
Journal of Finance, 2025, 80 (2): 651-1329.

• Internet Appendix

15. "Block Diversity and Governance"
with Miriam Schwartz-Ziv and James Weston
Review of Corporate Finance Studies, 2024, forthcoming

14. "Political Polarization in Financial News"
with  Eitan Goldman and Nandini Gupta
Journal of Financial Economics, 2024, 155: 103816.

• Editor's Choice

13. "Rating Agency Fees: Pay to Play in Public Finance?"
with Jess Cornaggia and Kimberly Cornaggia
Review of Financial Studies, 2023, 36 (5): 2004–2045.

12. "Public and Private Information: Firm Disclosure, SEC Letters, and the JOBS Act"
with Sumit Agarwal and Sudip Gupta
Quarterly Journal of Finance, 2022, 12 (3).

• Best Paper Award

• Lead Article

11. "Who Pays Attention to SEC Form 8-K?"
with Azi Ben-Rephael, Zhi Da and Peter Easton
The Accounting Review, 2022, 97 (5): 59-88.

10. "Information Consumption and Asset Pricing"
with Azi Ben-Rephael, Bruce Carlin, and Zhi Da
The Journal of Finance, 2022, 76 (1): 357-394.

• Data Appendix

• Best paper award at 2018 CICF Conference

9. "Where the Heart Is: Information Production and the Home Bias"
with Jess Cornaggia and Kimberly Cornaggia
Management Science, 2019, 66 (12): 5532-5557. 

8. "Credit Ratings and the Cost of Municipal Financing"
with Jess Cornaggia and Kimberly Cornaggia
Review of Financial Studies, 2018, 31 (6): 2038-2079.

• Internet Appendix

• Download Moody's Recalibration Data - Data Read Me

7. "Are Some Clients More Equal than Others? An Analysis of Asset Management Companies’ Execution Costs"
with Azi Ben-Rephael
Review of Finance, 2018, 22 (5): 1705-1736.

6. "It Depends on Where You Search: Institutional Investor Attention and Under-reaction to News"
with Azi Ben-Rephael and Zhi Da
Review of Financial Studies, 2017, 30 (9): 3009-3047.

• Internet Appendix

• Data Appendix

5. "Key Human Capital"
with Scott Yonker
Journal of Financial and Quantitative Analysis, 2017, 52(1): 175-214.

• Download Key Human Capital Data - Data Read Me

4. "Does Common Analyst Coverage Explain Excess Comovement?"
Journal of Financial and Quantitative Analysis, 2016, 51(4): 1993-1229.

3. "How Quickly do Equity Prices Converge to Intrinsic Value?"
with Dennis Capozza
Journal of Investment Management, 2010, 8(4): 1-13.

2. "Predictability in Equilibrium: The Price Dynamics of Real Estate Investment Trusts"
with Dennis Capozza
Real Estate Economics, 2007 35(4): 541-567.

1. "Appraisal, Agency, and Atypicality: Evidence from Manufactured Homes"
with Dennis Capozza and Thomas Thomson
Real Estate Economics, 2005, 33(3): 509-537.

 PERSONAL 

In my free time, I enjoy rowing, cycling, and restoring vintage Italian Lambrettas. .